Ethereum has been trading at its highest levels since late July, hovering around $3,470. This marks a significant rebound for the second-largest cryptocurrency, which has managed to hold above the crucial 200-day moving average (MA) at $2,965. By maintaining this level, Ethereum confirmed a bullish price structure, paving the way for continued momentum as it approaches its next milestone—yearly highs near $4,000.
Top analyst and investor Carl Runefelt recently shared his technical analysis on X, pointing out that Ethereum’s price action has built a solid foundation for further growth. According to Runefelt, Ethereum is poised for a substantial rally once it breaks above key resistance levels, signaling increased confidence among traders and investors.
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This bullish sentiment is further fueled by Ethereum’s consistent on-chain activity and growing institutional interest, which continue to support its upward trajectory. However, breaking past $4,000 will require Ethereum to overcome resistance zones that have historically triggered pullbacks.
As ETH consolidates gains, market participants are watching closely for signs of the next breakout, which could set the tone for the remainder of the year. Ethereum’s recent strength underscores its role as a market leader and a bellwether for broader cryptocurrency trends.
Ethereum Testing Crucial Supply
Ethereum is testing a crucial supply zone just below the $3,500 level, a key resistance that could propel the cryptocurrency to yearly highs in the coming days. This level has become a focal point for traders and investors, as breaking it would likely signal a bullish continuation of Ethereum’s recent momentum.
Top analyst Carl Runefelt recently shared his insights on X, emphasizing the significance of this resistance. According to his technical analysis, once Ethereum breaks through the $3,500 barrier, it could rapidly climb to $3,700, potentially within hours. The market sentiment surrounding Ethereum remains optimistic, with surging demand as a catalyst for further price gains.
Ethereum’s strength at this critical level is also reigniting speculation about a possible Altseason. If ETH continues its upward trajectory and attracts more capital, it could pave the way for other altcoins to follow suit. Historically, Ethereum’s price action has been a leading indicator for broader market…
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